That is definitely the most professional filing I have seen yet from this company. Though, the financials are looking quite bad. The accounting firm is really good about dispersing losses over a wide area in the report. They did clear up the area that I was wondering how they were writing off IONIC debt to a certain degree - but they have not taken the 18% interest on the defaulted debt into account on overall liabilities at this point in time.
It's always fun to see how accounting firms "move dollars and debt around" to conceal the true story.
Overall - they are still quite suspect as a going concern.
IONIC debt (default) still tied up in litigation.
As of July 23rd, RD should be off the payroll and hopefully they will get rid of him once and for all.
I still cannot find how the company owed TF Tech Ventures $4.15 Million though. That's going to require digging more deeply into past 10Q's and I've done most of them. Still something shady there I believe.
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